Updated

GOLD Hourly...Price recently moving down off 2496.50

https://www.tradingview.com/x/BYopwq0n/

This could be the start of another leg down guys!

2482 is that level where I see real weakness in the Gold-price.

Trade active

Short: Sell-Stop 2494:50

Note

SL:2495.60

Note

Make the sell tighter: SELL 2494.65

Note

YOu could sell 2495.20 last fib.. SL 2496.60

Note

buy back at market now

Order cancelled

For anyone that's been Long on Gold for the last couple of hours buying down at the last low swing area. I just locked in profits as there is this bearish candle on left of screen on the 30m that I don't like for long positions.

Note

I very recently got short in Gold after seeing that bearish pin-bar on the 30min just sitting there like a lost ship at sea.

Note

Im not sure at this point where TP is.

Note

If you want to join the trade use a SL at 2505

Note

Short Gold:
Partial profits at 2499.50 & then with a little luck ride this baby down to 2494

Trade active

You could sell into this retracement at 2504.60 to 2504.80
SL 2506.30

Note

23:45 USD Manufacturing PMI (Aug)
00:00 USD ISM Manufacturing PMI (Aug)
(Australia time) *investing.com (around start of today's NY session)
Guys if these are big green numbers bullish of the USD I think that Gold could really tank tonight and the trigger is at 2482.
* Trading is risky. PLease don't rely solely on my investment advice and trade setups. Get your advice from a variety of professional trader and DYOR.
Cheers,
Chris

Trade active

This gold short look okay. These 3 charts show a bearish candle moving down the chart towards Double bottoms where price may get some support.

Trade closed manually

take your profit at these levels. You shoulda made shite loads.

Note

Price is actaully still falling very slowly on these second timeframes.
But price can fling back up fast at any time, plus you never want to be too greedy. Fear and greed run hand in hand. When I learnt to control my fear I also learnt to not be greedy.
There are buy order blocks down here and price might get a nice reversal trade sooh in gold.

Trade active

Standby for a retracement on a fib level for a buy order in gold

Note

BUY 2494
SL 2491

Note

BUY MARKET

Note

If you want more aggressive RR
SL 2492.50

Note

* Be aware that the start of a trade at these low levels carrys a lot more risk of price turning the other way.

Note

The reason I took the trade is not so much the low price and profit that can be ultimately generated, but the pattern. I like the pattern and I could see it forming. I trade a lot of shapes and patterns.

Trade active

A break above 2506.30 would be very good here & would quickly take price much higher before the NY session.

Note

Trade active

This might be the first deep retracement to fib levels. So you could actually buy at 61.8 , 50 or 38.2
38.2 or even just below is where price will turn around and start heading back up. So a stop loss could go under the 38.2 but a fair way under it. Not directly under 38.2 or you will get stopped out.

Note

I should have noticed it.
Notice here on the hourly how my yellow 9ema crossed above my dark blue 50ema. This cross of 9 above 50 is very bullish on all timeframes especially the daily. This is why fib levels did not get used. Support was made on the 9 and 50 ema.

Trade active

The yellow 9ema crossing up on the dark blue 50 ema back there on the hourly, I turn to the 2 hour chart and look at the push it's given this 2 hr candle and strong it's formed.

Note

Fib retracement where you can BUY again if you wish. Quite safe.
Buy at 61.8, 50 or 38.2
38.2 is the last push down and the most common and best RR
You want a stop loss standby

Note

SL. 2495

Note

2494 Stop loss

Note

Often there is a last flush down past 38.2

Note

Notice the big flush past 38.2. This is very common and I see it all the time trading Gold. To take out more Stops of course.
The red box is a fair value gap caused by what known as an inefficient candle which is basically a big bullish institutionional candle usually.

Note

Guys im outa comments we only get 20. I started a new thread with a new trade idea.

Note

This will be a Short once 2482 is breached. We get a retracement back above 2482 and then bang SHORT all the way to 2434
Cheers
Chris

Note

See my brand new thread at top of page..... easy_explosive_trader

Easy_Explosive_Trading

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Easy_Explosive_Trading

Also on: